Apple reports record earnings in latest quarter with 50% YoY increase in iPhone sales

Apple has just posted its Q3 results and the tech giant has performed marvelously. Apple’s revenue has gone up 36% YoY, totaling $81.41 billion for the quarter. iPhone revenue went up almost 50% to $39.57 billion while services were up 33% with $17.48 billion.

Mac and iPad sales increased YoY as well, with Mac making $8.24 billion and iPad making up 7.37 billion. Apple’s infamous “other products” category is where the company groups other the rest of the products, mostly made up to revenue from AirPods and the Apple Watch. This category raked in $8.77 billion, accounting for a 40% increase YoY.

Analysts attribute the company’s success with the world’s shift to working and going to school from home. The sudden jump in iPhone sales comes at a time when smartphone buyers are ready to switch to a 5G smartphone.

Looking forward, Apple executives warned that supply chain delays could affect Apple’s revenue for the next quarter, particularly with iPad and iPhone supply. At the same time, Apple is expected to release new products that should give its bottom line a boost such as a the new iPhones, a new Apple Watch, and a new AirPods model. Many are also hoping that Apple releases higher performance Mac computers powered by M1.

Apple has not offered guidance for the next quarter, much like it hasn't done in the past six quarters as the pandemic has made it difficult to make dependable predictions.

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